Paramount Skydance has made a new all-cash offer to acquire Warner Bros. Discovery (WBD), with significant backing from billionaire Larry Ellison. The revised bid includes a personal guarantee from Ellison for $40.4 billion in equity financing, aimed at addressing concerns raised by WBD about Paramount's financial commitments. This move comes after WBD rejected Paramount's previous proposal in favor of a deal with Netflix, which valued WBD at $27.75 per share using a cash and stock option. David Ellison, CEO of Paramount Skydance and Larry's son, is driving this effort to secure the acquisition. Paramount's initial bid, rejected as “illusory” by WBD, was valued at $108.4 billion, with an offer of $30 per share. The WBD board's preference for the Netflix deal was based on its binding commitments, without the need for equity financing. Paramount’s latest offer aims to counteract those concerns and reinforce its position as a more valuable option for WBD shareholders. David Ellison emphasized that this offer, made on December 4, is fully financed and superior for maximizing shareholder value. He expressed confidence that WBD's board would recognize the long-term benefits of this acquisition, which he argues would enhance content production and consumer choice. TechCrunch has reached out to WBD for further comments on the situation.